Major Averages Pull Back Well Off Early Highs

(RTTNews) - After failing to sustain an early upward move, stocks have given back ground over the course of the trading day on Wednesday. The major averages have pulled back well off their highs for the session and briefly dipped into negative territory.

Reflecting the lackluster performance currently being turned in by the broader markets, most of the major sectors are showing only modest moves.

While some strength remains visible among computer hardware, semiconductor, and networking stocks, most have pulled back well off their early highs.

On the other hand, significant weakness has emerged among energy stocks, which are moving lower along with the price of crude oil.

Reflecting the weakness in the energy sector, the Philadelphia Oil Service Index and the NYSE Arca Natural Gas Index are plummeting by 4.2 percent and 2.8 percent, respectively.

Currently, the major averages are posting modest gains on the day. The Dow is up 52.12 points or 0.3 percent at 17,439.33, the Nasdaq is up 15.89 points or 0.3 percent at 4,697.38 and the S&P 500 is up 1.89 points or 0.1 percent at 2,031.44.